August 4, 2008
According to reports, stocks in Biogen Idec Inc. and Elan Corp. have dropped due to findings of a fatal brain disease linked to their drug Tysabri.
Tysabri is prescribed to patients to treat multiple-sclerosis and despite the known risks, many doctors say they’re still going to prescribe the medication because they believe the benefits outweigh the risks.
Stock Market Shares Drop
After the risks associated with the drug became public the two companies supposedly lost more than $10 billion in combined stock-market value.
Shareholders became weary after reports were announced about two patients taking Tysabri who developed progressive multifocal leukoencephalopathy (PML).
Patients Suffer from PML
Three other reports of patients contracting PML while taking Tysabri forced a recall of the drug in 2005.
However, the FDA approved it to go back on the market in 2006 with an updated label about the risk of PML.
Researchers say an estimated 31,800 people are currently taking Tysabri.
(Source: The Wall Street Journal)
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